the authenticity, accuracy and completeness of all Documents and other documentation examined by us submitted to us as originals and the conformity to authentic original documents of all Documents and other such documentation submitted to us as certified, conformed, notarised, faxed or photostatic copies;

that each of the Documents and other such documentation which was received by electronic means is complete, intact and in conformity with the transmission as sent;

the genuineness of all signatures on the Documents;

that there are no provisions of the laws or regulations of any jurisdiction other than Bermuda which would have a material effect on any of the opinions herein expressed;

that all representations and factual statements appearing in the Registration Statement, the Plan and the Resolutions are true, accurate and complete in all material respects;

that any awards granted under the Plan will be in consideration of the receipt by the Company prior to the issue of Common Shares pursuant thereto of either cash or services at least equal to the par value of such Common Shares;

that when filed with the Securities and Exchange Commission, the Registration Statement will not differ in any material respect from the draft that we have examined;

that the records which were the subject of the Company Search were complete and accurate at the time of such search and disclosed all information which is material for the purposes of this opinion and such information has not since the date of the Company Search been materially altered;

that the records which were the subject of the Litigation Search were complete and accurate at the time of such search and disclosed all information which is material for the purposes of this opinion and such information has not since the date of the Litigation Search been materially altered;

that the Resolutions are in full force and effect, have not been rescinded, either in whole or in part, and accurately record the resolutions passed by the Directors of the Company, the Compensation Committee of the Board and by the Shareholders of the Company respectively in meetings which were duly convened and at which, in each case, a duly constituted quorum was present and voting throughout and that there is no matter affecting the authority of the Directors or the Shareholders to approve the adoption of the Plan and filing of the Registration Statement, not disclosed by the Constitutional Documents or the Resolutions, which would have any adverse implication in relation to the opinions expressed herein;

that no Common Shares will be issued under the Plan for less than the $0.20 par value of the Company’s shares and that at the time of any issuance of Common Shares under the Plan the Company shall continue to have sufficient authorized and unissued shares reserved for issuance thereunder; and

that the Common Shares will remain listed on the New York Stock Exchange.

The Company is an exempted company incorporated with limited liability and is existing and in good standing under the laws of Bermuda and has all requisite corporate power and authority to issue the Common Shares.

When issued pursuant to the applicable Resolutions and the Plan, all necessary corporate action required to be taken by the Company in connection with the issue by the Company of the Common Shares pursuant to Bermuda law will have been taken by or on behalf of the Company, and all necessary approvals of Governmental authorities in Bermuda will have been duly obtained for the issue by the Company of the Common Shares.

When the Common Shares have been duly issued and paid for pursuant to and in accordance with the terms and conditions referred to or summarised in the applicable Resolutions and the Plan, the Common Shares will be validly issued, fully paid and non-assessable shares in the capital of the Company.

There are no taxes, duties or other charges payable to or chargeable by the Government of Bermuda, or any authority or agency thereof, in respect of the issue of the Common Shares.

We express no opinion as to any law other than Bermuda law and none of the opinions expressed herein relates to compliance with or matters governed by the laws of any jurisdiction except Bermuda. This opinion is limited to Bermuda law as applied by the courts of Bermuda at the date hereof.

In opinion paragraph 1 above, the term “good standing” means that the Company has received a Certificate of Compliance from the Registrar of Companies.

Any reference in this opinion to shares being “non-assessable” shall mean, in relation to fully paid shares of the Company and subject to any contrary provision in any agreement in writing between the Company and the holder of such shares, that: no shareholder shall be obliged to contribute further amounts to the capital of the Company, either in order to complete payment for their shares, to satisfy claims of creditors of the Company, or otherwise; and no shareholder shall be

bound by an alteration to the Memorandum of Association or Bye-laws of the Company after the date on which he became a shareholder, if and so far as the alteration requires him to take, or subscribe for additional shares, or in any way increases his liability to contribute to the share capital of, or otherwise to pay money to, the Company.

Under the Notice to the Public dated 1 June 2005 by the Bermuda Monetary Authority ( BMA ) made under the Exchange Control Act 1972 and the Exchange Control Regulations 1973 ( BMA Notice ), the BMA has given general permission for the issuance of shares of Bermuda exempted companies (such as the Company) to a non-resident where the Equity Securities (as defined in the BMA Notice) are listed on an Appointed Stock Exchange (as defined in the BMA Notice) (which includes the New York Stock Exchange), for as long as any Equity Securities of the Company remain so listed.

The entries and filings shown in respect of the Company on the file of the Company maintained in the Register of Companies at the office of the Registrar of Companies in Hamilton, Bermuda, as revealed by a search conducted on 13 May 2019 ( Company Search ).

The entries and filings shown in respect of the Company in the Supreme Court Causes Book maintained at the Registry of the Supreme Court in Hamilton, Bermuda, as revealed by a search conducted on 13 May 2019 ( Litigation Search ).

Certified copies of the Certificate of Incorporation, Memorandum of Association and Bye-Laws adopted 15 May 2014 for the Company (collectively referred to as the Constitutional Documents ).

Certified copy of the resolutions of the Board of Directors of the Company passed on 7 February 2019 ( Resolutions ).

A Certificate of Compliance, dated 13 May 2019 issued by the Registrar of Companies in respect of the Company.

A copy of the BMA Notice.

An electronic copy of the Registration Statement received on 14 May 2019.

An electronic copy of the Plan.

An electronic copy of the proxy statement of the Company filed with the U.S. Securities and Exchange Commission on 25 March 2019, including the Plan Amendment as an appendix.